European Central Bank approves Azerbaijani bill on payment services
Baku, Azerbaijan, Oct. 22
By Huseyn Veliyev – Trend:
The draft Law on Payment Services and Payment Systems has been approved by the European Central Bank, a source in Azerbaijan's financial market told Trend Oct. 22.
The source said at present, the document is at the stage of coordination by state agencies of the country, after which it will be submitted for consideration to the autumn session of the parliament.
The bill was prepared by the Financial Market Supervisory Authority of Azerbaijan in conjunction with international organizations. The implementation of the law will allow expanding the scope of payment services, create favorable conditions for the operation of fintech companies and promote the emergence of innovative payment methods.
As previously reported, the activity of mobile operators for the deployment of financial services has also been indicated in the bill, which was perceived ambiguously by the participants of the financial market, as this may affect adversely the business of banks and small payment systems. However, as the source said earlier, if the mobile operators want to provide financial services, they will still have to work together with the banks, otherwise the deployment of financial services on their part will not be possible.
The mobile operators themselves declare their readiness to deploy mobile financial services and cite the fact that their launch is currently not possible due to the lack of legal regulation.
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